Strategy in TECH...
For a few years now, I’ve been writing about the surprising and durable increase in the rate of growth of revenues generated from what some refer to as “retro” physical media, as tracked by the Recording Industry Association of America. Now, the New York Times is noticing it as well. While streaming still remains the leading format, it is impossible to ignore the massive growth rates for physical media such as vinyl, CDs, and others.
In the latest report from the music world, we learned two surprising facts: First, for the first time in 17-years, retail sales of physical compact discs actually increased. And second, for the first time since 1991, vinyl records are the most popular physical media format. It’s big news and much of the media – even mainstream news outlets like CNN – reported on this development. It appears to be part of a surprising swing by consumers back to physical media, as sales of vinyl records in 2021 saw a stunning year-over-year increase of 51.4% – the biggest increase of ANY format, physical or streaming.
What the heck is going on here?
